Articles by Press Release
Mulligan Funding Closes $100 Million Securitization
February 6, 2023February 6, 2023 – SAN DIEGO – Mulligan Funding, one of the largest providers of SMB access to working capital in the country, today announced the closing of a $100 million asset-backed securitization (ABS). This new financing continues a history of impressive growth for the company, even during difficult market conditions. As Mulligan Funding’s first securitization, the senior bonds achieved an A rating from Kroll Bond Rating Agency (KBRA), the highest rating they will award a first-time issuer in this asset class. The facility has a 3-year revolving period and is expandable to $500 Million.
Mulligan Funding, known for its commitment to full transparency and its exceptional customer service, started in 2008 in the midst of the financial crisis, when traditional banks began to pull back from the small and medium-sized business lending market. The private, family-owned business, which has so far provided access to over $1bn in working capital to its customers, is honored to have achieved the noteworthy milestone of closing its first securitization.
David Leibowitz, chief executive officer at Mulligan Funding, shares, “This is a really significant step forward for us. It adds materially to the funding we require in order to continue on the path of responsible growth to which we remain committed. We’re particularly pleased that the ratings afforded to these notes by KBRA, constitute an affirmation of the disciplined approach to credit management which has always been at the core of our business strategy.”
###
About Mulligan Funding
Headquartered in San Diego and named on the prestigious Best Places to Work SoCal 2022 List by Best Companies Group, Mulligan Funding serves as a leading provider of working capital ($5K – $2M) to the small and medium-sized businesses that fuel our country. Since 2008, we have prided ourselves on our collaborative, innovative, and customer-focused approach. Through our unique ability to combine technology, a human touch, and unwavering integrity, we help those we serve bring their dreams to life with our people-first culture.
Broker Fair Returns to New York City May 8, 2023
January 30, 2023
Broker Fair returns to NYC on May 8th at the New York Hilton Midtown. Once again brokers from the small business lending, commercial financing, revenue-based financing, leasing, equipment financing, factoring, and mca industries, will come together in the heart of New York.
“It’s exciting to return back to our pre-pandemic schedule and host Broker Fair in the Spring,” said event founder Sean Murray. “This is the biggest annual small business finance conference in Manhattan and we’re excited to be doing it again now for the sixth time since 2018. If you haven’t seen what this show is all about, 2023 is the best year to come and find out!”
Register here. For inquiries or questions, email events@debanked.com.
See last year’s sizzle reel:
DataMerch Reaches 100,000 Record Milestone
January 24, 2023
Tampa, January 24, 2023 /DeBanked/ — DataMerch.com, an online underwriting database for the alternative financing industry, announced reaching over 100,000 records in their database on Tuesday.
DataMerch was founded in 2015 with a goal to create a community database where funders can share performance information on merchant businesses. They started with zero records in 2015 and eventually built the largest and most widely used database of its kind in the alternative financing industry.
“We have never aggregated a single record from another source other than our funder-members,” said Co-Founder Cody Burgess. “Every single record in DataMerch has been entered individually by our members either manually, or via API. It’s amazing to see us start from nothing and grow our platform organically over time.”
Co-Founder Scott Williams said, “Our focus on building a database with high quality unique records has really paid off for our membership. We considered going down other paths by gathering data from other sources, but we ended up sticking to our original model. Outside sources of data can muddy the waters. What makes DataMerch successful is the fact that our information on defaults, slow pays, suspicious activity, and more, is not found anywhere else or on any other report.”
DataMerch leadership say they have made some recent major improvements including a search by legal name function, something membership has been asking for. DataMerch has also upgraded to a new and better version of their API. Further improvements are in the works for 2023.
About DataMerch
DataMerch LLC was founded in 2015 to help funders in the alternative financing industry make informed underwriting decisions. DataMerch members can screen their applications using DataMerch’s specifically designed EIN and legal name search. Members can also contribute to the database by entering unsatisfactory businesses. DataMerch currently has over 180 industry-leading subscribed members working together as a community. DataMerch can be accessed at https://www.datamerch.com and contacted for membership at support@datamerch.com
eCapital ABL North America Division Funds $95 Million in Q4 2022
January 23, 2023MIAMI – January 23, 2023 –eCapital Corp. (“eCapital” or “the Company”), a leading finance provider for businesses across North America and the U.K., issued $95M in lines of credit during the fourth quarter of 2022 through its eCapital ABL North America division. With this working capital, the companies – which include CPG products in the home and lawn categories – plan to grow their businesses by expanding product lines, scaling customer reach, and driving operational efficiency.
“Our team continued the momentum through the very end of 2022, by providing unparalleled financial solutions to our clients,” said Brian Cuttic, Chief Executive Officer Asset-based Lending at eCapital. “The dedication of our team is evident in our ability to understand and meet the unique needs of each business we serve, allowing them to achieve their goals with custom financial solutions that support their growth. We are proud to have closed out another successful year working alongside such amazing businesses and look forward to continued growth in the future.”
The businesses funded by eCapital ABL North America in the fourth quarter of 2022 include, but are not limited to:
- A $20M facility for the creators of the popular first-of-its-kind bathroom fragrance and other home fragrance products. The company will use the funding to sustain operations through peak seasons and accelerate the business for the future.
- A $35M facility for a manufacturer and distributor of watering products and accessories. Backed by a prominent private equity sponsor, the company will use the working capital from eCapital to support operations across its multiple brands and manufacturing and distribution facilities.
- A $40M facility for one of the largest candle producers in the U.S. Also backed by a private equity sponsor, it will use the line of credit from eCapital to support continued product innovation and expansion among its multiple brand names and private labels.
eCapital ABL responds quickly to a business’ unique and changing needs, whether trade cycles, seasonality, customer base or other critical factors impacting growth. With international reach and expansive expertise in multiple sectors, eCapital ABL is uniquely positioned to support businesses with customized lines of credit that provide maximum flexibility to meet their goals and achieve long-term, profitable growth.
About eCapital Corp.
eCapital is committed to accelerating access to capital for companies in the United States, Canada, and the U.K. By leveraging a team of over 800 experts and proprietary, industry-leading technology, eCapital is creating the future of business funding. With a full suite of products such as freight factoring, invoice factoring, lines of credit, asset-based lending, payroll funding, and equipment financing, eCapital ensures businesses have the funds they need to do more. Through its Transportation, Staffing, Wellness, Healthcare, Factoring and ABL divisions, eCapital delivers customized funding solutions for over 80 industries. To learn more about eCapital, visit eCapital.com.
# # #
eCapital names Todd Zarin as Chief Legal Officer
January 17, 2023MIAMI – January 17, 2023 – eCapital Corp. (“eCapital” or “the company”), a leading finance provider for businesses across North America and the U.K., today announced the appointment of Todd Zarin as chief legal officer. As part of the executive leadership team, Zarin will oversee eCapital’s in-house legal team and be responsible for all legal operations for the company.
“Todd’s proven aptitude and demonstrated ability to skillfully navigate complex legal scenarios make him a valuable addition to our executive leadership team,” said Marius Silvasan, chief executive officer of eCapital. “I am confident his expertise will prove instrumental as we continue to enhance our service offerings and expand into new markets to meet the financial needs of even more organizations.”
Zarin’s legal and corporate career spans more than 20 years, with strategic roles helping public and privately held clients in financial services and other industries succeed while navigating critical moments. Throughout his career, Todd has been instrumental in driving business objectives such as strategic mergers and acquisitions, securing funding through various transactions, and guiding companies through initial public offerings. He also provided guidance and direction on corporate governance and securities law compliance matters.
As a seasoned lawyer and board member, he has served clients in multiple capacities, including as general counsel to a South Florida financial services company and as outside counsel with premier law firms such as Weil, Gotshal & Manges and, most recently, as a shareholder at Miami-based Stearns Weaver Miller. Zarin has also helped clients as a strategic and transactional advisor through his own consultancy.
“eCapital’s unique approach to strategic growth while changing the shape of the alternative finance and lending landscape is exciting,” said Zarin. “The leadership team has a well-defined and ambitious vision for the future, and I look forward helping achieve the company’s long-term goals and continue driving the company’s dynamic growth trajectory.”
Zarin is a member of the Florida and New York bars and earned his Juris Doctor from Brooklyn Law School. He also holds a Master of Business Administration from the Kellogg School of Management at Northwestern University.
About eCapital Corp.
eCapital is committed to accelerating access to capital for companies in the United States, Canada, and the U.K. By leveraging a team of over 800 experts and proprietary, industry-leading technology, eCapital is creating the future of business funding. With a full suite of products such as freight factoring, invoice factoring, lines of credit, asset-based lending, payroll funding, and equipment refinancing, eCapital ensures businesses have the funds they need to do more. Through its Transportation, Staffing, Wellness, Healthcare, Factoring and ABL divisions, eCapital delivers customized funding solutions for over 80 industries. To learn more about eCapital, visit eCapital.com.
# # #
Backd Enters the Fifth Year of Funding Dreams
January 9, 2023
AUSTIN, TX – (Jan. 2023) – Backd, a commercial alternative business lender, has kicked off its fifth year in business, with a continued commitment to helping business owners fund and develop their dreams through easy-to-access alternative financing.
Last year the company grew exponentially while being named a 2022 Top Workplace by The Austin American Statesman. This is in addition to adding a business line of credit funding option to complement the already popular working capital. With a focus on a quick and convenient turnaround time to help companies that struggle to obtain conventional financing, Backd is looking to grow its financial products that offer flexible financing this year to support small businesses and allow them to truly thrive in 2023.
As part of this commitment, in the closing months of 2022, Backd CEO Xan Myburgh joined the Forbes Finance Council, a collective invitation-only community created in partnership with Forbes and the expert community builders who founded the Young Entrepreneur Council (YEC).
“It’s truly an honor to join this esteemed community,” Xan said. “As entrepreneurs, we are driven to improve upon the status quo, and I intend to provide my own expertise in entrepreneurial financial knowledge while simultaneously learning from the best business leaders the world has to offer.”
About Backd
Backd is a FinTech company headquartered in Austin that provides alternative financing solutions like working capital and line of credit for growing businesses across the nation.
For more information, visit backd.com, email kieran@backd.com or call Kieran at (512) 621-5169.
North Mill Announces $353MM Term Securitization
October 17, 2022OCTOBER 14, 2022, NORWALK, CT – North Mill Equipment Finance LLC (“NMEF”) announced today the closing of its sixth commercial equipment backed securitization (ABS), NMEF Funding 2022-B (“NMEF 2022-B”). The $353MM transaction is North Mill’s 2nd ABS transaction this year, bringing the total privately placed bond proceeds raised this year to $724MM for the year. NMEF’s Capital Markets team has now raised $1.4B in bonds since inception. NMEF 2022-B featured fixed-rate asset backed securities across three classes of notes with the A note split into two tranches; an A-1 money market class, and a AAA/Aaa rated tranche by KBRA/Moody’s. This was NMEF’s first ABS issuance to be rated by Moody’s. It was also NMEF’s first transaction to include all investment grade tranches.
“The transaction was well-received by institutional investors with 31 unique investors, including 12 new investors in the NMEF shelf, making it NMEF’s largest ABS investor base of all time. We attribute this to the addition of a big-three rating agency with a 4% base case cumulative net loss assumption as well as a reduction of the base case loss assumption from KBRA from 6.1% – 6.6% on our last transaction down to 4.79% on NMEF 2022-B,” said North Mill’s President and Chief Operating Officer, Mark Bonanno.
Pier Snider, NMEF’s Chief Financial Officer added, “The transaction includes a $101MM 3-month post-close prefunding period that gives NMEF a fixed cost of funds for 4th quarter originations in a rising rate environment.”
About North Mill Equipment Finance
North Mill Equipment Finance originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, printing, franchise, renovation, janitorial and material handling equipment. North Mill is majority owned by an affiliate of InterVest Capital Partners, Inc. (FKA Wafra Capital Partners Inc.). The company’s headquarters is in Norwalk, CT, with regional offices in Irvine, CA, Dover, NH, Voorhees NJ, and Murray, UT. For more information, visit www.nmef.com.
Dedicated Adds to its Senior Leadership
September 26, 2022
Dedicated Financial GBC today announced that Sarah Kelly has joined the company as its Director of Servicing. With over a decade of experience in the equipment leasing and finance industry, Sarah will spearhead the expansion of Dedicated’s servicing business. Using her extensive systems and technology project management skills, Sarah will focus on developing an industry-leading, cradle-to-grave experience for Dedicated’s servicing clients.
Sarah’s extensive experience includes positions at KLC Financial, K2 Capital, and–most recently–KSK Consulting.
“Sarah is a commercial finance industry veteran,” said Shawn Smith. “Heck, she was raised in commercial finance, so it’s in her blood. That, combined with her passion and excitement for giving back to those in need, makes her a perfect fit to head up our growing servicing division, and we are truly excited and thankful to have her on board!”
